Malabar Gold to expand, expect to create 1750 jobs
Kochi, Mar 26 (PTI) Kerala-based Malabar Gold & Diamonds, which is one of the largest gold and diamond retailers, is on an expansion spree investing Rs 1,600 crore next fiscal to add 56 more stores.
The Kozhikode, Kerala-based gold retailer said of the 56 new stores, 40 will be in the country and the rest 16 overseas. The company expects to generate 1,750 new jobs with this next year.
Malabar Group chairman MP Ahammed on Wednesday said "expanding our presence by 56 more stores will see us investing Rs 1,600 crore and will generate 1,750 new jobs."
The domestic expansion will be in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, Bengal, UP, Odisha and Kerala, he said.
The international expansion plan will further strengthen its position in Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE, he said, adding "this is in line with our ambitious plan to treble our retail network from over 250 showrooms this year to 750 outlets by 2023".
Of the total planned expansion, 12 stores will come up in the first quarter of FY22 as in these places it has already secured retail spaces.
Started in 1993 in Kozhikode, Malabar Gold has come a long way to become the world''s fifth largest jewellery retailer with over 250 showrooms spread over 1o geographies with an annual turnover of around Rs 30,000 crore.
It has 13 cluster manufacturing units in the country and in the GCC and has 12 jewellery brands.